Solana's price has dropped by 1.05% over the past day and is now trading at $174.14. Trading activity for the day shifted to the downside, noting its peak at $175.98 and its low at $172. Early in the morning, a pattern of "double top" formed on the price chart, signaling a general reversal towards the bearish side. In this regard, the price of Solana continued to fall and showed that momentum to the upside was lost.
The trading volume for Solana increased by 7.09% from the previous day to $3,008,731,116. Growth in trading volume with a decreasing price generally has a bearish connotation, meaning that the low prices are attracting more trading activity as a result of increased sell-off pressure.
For the market capitalization of Solana, the figure dropped slightly by 1.05% to $80,890,119,538. The volume-to-market cap ratio has been measured at 3.72%, indicating moderate trading activity relative to the size of the market capitalization.
The intra-day chart indicates that the resistance is seen at around $176; this happened as a double-top chart was forming, and the price failed to go higher. Support for Solana is seen in the vicinity of around $172; the price refused to go lower from this level.
Crypto analyst Ali Martinez has forecast a major price breakout of Solana possibly to $1,800 within the current bullish cycle. This optimism was based on the identification of a technical bull pennant pattern within Solana's price chart, usually signaling a continuation of an uptrend after consolidation.
Bullish Solana to surge 900% by the end of 2024, despite the current bear trend – Analyst. Martinez points out an expected 900% increment in the Solana price upward trajectory from now until at least 2024 year-end, when new all-time highs should be formed.
He also said that such a trajectory would not be linear but full of ups and downs; the largest correction in place is meant to strike at the $167 breakout point.
In the meantime, Solana has recently pierced through a bullish pennant pattern, which suggests that the next leg is going to be a continuation of a bullish trend. On the other hand, CoinMarketCap shows over a 12% rise in the last seven days and a 1% loss in the last 24 hours. Also, on-chain data shows that Solana's volume is high—a metric often seen as a sign of bullish strength.
According to a recent tweet from World of Charts, Solana is already up 25% since it broke above this pattern. Should Solana continue this trend, we might witness another significant price uptick in the days ahead.
Investors have also been eagerly awaiting the launch of Solana ETFs. The U.S. Securities and Exchange Commission (SEC) is to rule on Solana ETFs by 5th March 2025. If approved, it will spell out increased liquidity and broader acceptance of Solana within the financial ecosystem.
Speculation around Solana ETFs has already had a positive influence on the price of the token, creating yet another basis for bullish sentiment, despite the recent bearish movement. The approval of an ETF can work as a swing, putting the price of Solana in a better position to lead toward further highs.
Other than that, Solana's social volume is growing, pointing to its popularity, and its weighted sentiment is in positive territory, which represents the predominant bullish sentiment in the market.